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as a very high level between the attorney general and jamie dimon. they had this phone conversation on friday. dennis kelleher s this usual? >> it's shockingly unusual and unprecedent: there are 300 million americans and there aren't two dozen who could pick up the phone and call the attorney general of the united states. it's been reported with the attorney general with his top lawyers were hours away from a press conference to announce the filing of a lawsuit against jp more man chase for what is unquestionly an egregious, wrongful probably criminal conduct. yet, at the last minute jamie dimon picks up the phone and calls the attorney general to talk to him personally, and the lawsuit is called off. if you want a window of the double standard of justice where wall street with wealthy bankers and companies get one set of rules and justice, and main street gets the rest, this illustrates it perfectly. it's one of the reasons why the banks on wall street are not only too big to fail and too big to manage but they have too much power over our government. nobody gets to call up the at
, is jamie dimon being punished for his outspoken anti-regulatory reviews in his general criticism of obamanomics? all those stories and much more coming up on "the kudlow report," beginning right now. >>> good evening. i'm larry kudlow. this is "the kudlow report." we're live here. it's 7:00 p.m. eastern and 4:00 p.m. pacific. earlier today, what should have been a mea culpa sometimes sounded more like a pep rally as president obama acknowledged the catastrophic roll-out of obama care. take a listen. >> the product of the affordable care act for people without health insurance is quality health insurance that is affordable. and that product is working. it's really good. and it turns out there is a massive demand for it. so far the national website, has been visited nearly 20 million times. 20 million times. >> all right. the president's glossy sales pitch, however, failed to acknowledge dismally low number of enrollees to date, reports of sky-high insurance premiums and deductibles that threatens to make his signature affordable care act largely unaffordable. people
is calling jpmorgan's tentative deal with the government, jamie dimon's 13 billion-dollars -- ♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. ♪ sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've ad
kelly caught up with jamie dimon as he arrived at work this morning. good morning. >> reporter: this $13 billion settlement na jp organ more beg hammering out with justice. what happens in light of the settlement? i asked mr. dimon about this just momenting as as he came into work. here is what he said. >> we're going to try to resolve everything we can and then we're going to move on and serve our clients. i am so dam proud of this company. that's what i wake up thinking every day. >> reporter: i hear you. >> these other things, i know we have to fix. >> reporter: carl, you can hear a lot of pride in the company. jpmorgan is reaching some peak performance levels. the legal they added to a tune of $9 billion. this most recent quarter swung it to a lost. some still yet to be resolved. we do think we will have some closure on the civil aspects of these housing issues within the coming days or a week or so from what i'm told. it is the biggest civil find in history. it is half of last year's profits. >> i think it is a win for both sides. i think the american people cannot feel that they go
jamie dimon tended to $13 billion settlement with the department of justice. what does this really mean for jamie dimon himself? this deal that has been struck. charlie gasparino has exclusive new details. and stars like justin timberlake and carmelo anthony are in the spotlight at one of the world's biggest software companies. how is that possible? a brand-new marriage between superstars and software. he is bringing along a secret ceo. you don't want to miss this. minutes away. it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwate
originally. in a phone call friday night jpmorgan ceo jamie dimon agreed to the elements of the pack with eric holder that would wrap up the civil phase of a justice department investigation into a number of its past mortgage-backed securities. the deal which would also settle outstanding claims by the federal housing finance agency and the new york attorney general, eric snyderman, will carry a record settlement amount for the doj and would take an astonishing amount of money off of j.p. morgue's balan-- jpmorg balance sheet. the balance will go to the justice department along with a payment to new york state. a substantial settlement has been in the works for some time now. something jpmorgan acknowledged by boosting its legal reserve by 9 billion in the recent quarter after what dimon described as escalating demands for penalties. so the magnitude of the settlement while high may not take investors by surprise. the problem is the continued uncertainty with what may happen with this criminal aspect of this suit. that's something, joe and becky, they were not able to resolve as some
jpmorgan and jamie dimon are being punished for helping to save the financial industry during the crisis. and then we'll get reaction from former congressman barney frank after the lead op-ed piece in "the wall street journal" this morning said that barney frank should be arrested before any bank ceo. when it comes to this crisis. of course, mr. frank will respond to that in only the way he can. >> i'm looking forward to him coming on and responding to it because people want to know why regulators were asleep at the wheel while all of this was going down. >> was it a health care law pep rally? many more questions than answers as to why obama care websites remain frustratingly slow. no one know to be held accountable, as well as kathleen sebelius, secretary of health and human services. >> this is really the hot-button issue right now. many furloughed federal workers who received unemployment checks during the shutdown will be able to keep that money even though they're getting all of their back pay at the same sometime. there are those who are thinking, only in america, right? >> and it
.s. economy, jamie dimon, the ceo and chairman, said publicly before he was doing the u.s. economy a favor by doing it. now five years later, a very differently story. >> isn't he the man who was actually negotiating this deal? the man at the center of this, the man who was running the bank, we don't know what wrongdoing the bank is going to admit here, when all is said and done. but the man who was running the bank is in position to negotiate the deal. the jamie dimon character would you talk to us about him please? >> it's a very unusual circumstance. first of all, jamie dimon under fire, managing the bank through a lot of crises not only what's going on with the government right now but some other cases everything from how it hires in china to the london whale. >> the london whale, yes. >> to rigging electricity prices in the western part of the u.s. has by all accounts been the chief negotiator on the phone in person in washington with attorney general eric holder. my guess is, this is just the way he does business. he's a very passionate forthright knowledgeable guy whether you like h
to millions of americans losing their homes. >> reporter: the bank's c.e.o. jamie dimon, here showing his i.d. to doctor the justice department last month, met with attorney general eric holder. >> this is something that is a priority for this justice department to hold accountable people who would manipulate companies, that would many manipulate our financial markets for their own customers' benefit or for the benefit of the company. >> reporter: after safely steering j.p. morgan chase through the financial crisis, jamie dimon was wall street's golden boy. but this month, the bank reported its first quarterly loss during his reign. what damage, if any, has been done to jamie dimon. it proves he isn't special and neither is j.p. morgan and it probably pushes further into the future the point at which banks stop becoming less popular than venereal disease. >> reporter: under the tentative deal, the bank could still face criminal charges. the $13 billion payment would include $9 billion in fines, $4 billion would go to help struggling homeowners. >> pelley: anthony, thanks very much. scientis
, jamie dimon. and while this settlement doesn't necessarily close the door on criminal charges, if history is any indicator, it seems unlikely. for his part, well, mr. dimon, doesn't seem too concerned at all. >> we're gaining market share, doing great stuff, trying to get behind us. i am so damn proud of this company. that's what i wake up thinking every day. >> for more, i'm delighted to say we're joined by dennis kelliher, president and ceo of better markets, a nonprofit organization that acts as a watchdog of wall street. good afternoon, sir. >> hi, martin. good to be with you. >> thank you for joining us. jpmorgan and jamie dimon, as its ceo, has a reputation for being one of the more responsible banks on wall street. many of the securities in question were actually inherited, and they were bought from bear stearns, washington mutual. so is jpmorgan the right target for this record-breaking settlement, or are they just the first of what you think will be many others? >> well, let's hope they're the first of many others, not just for us, but all the americans who have paid
time jpp morgan -- ultimately going up. the compensation of the chief executive jamie dimon totaling more than $61 million from 2010 through 2012 alone. and the accolades are more affordable. >> it's a cash generating machine, sure they have had their regulatory yourissues, bu he's looking to settle them. jpmorgan posted a loss because of all the legal expenses, but under jamie dimon, that didn't come from the hand of the market. that came from journalists and activists holding jpmorgan to account. >> jp morgan chase is nearing a $6 billion settlement to institutional invests. joining me now is ed connor former partner. specializes in consumer finance advisory and investment and alexis goldstein, communications director for the other 98%. al lexis, beginning with you, if you look at the rap sheet, this is just the past three years. what is going on at that bank? is there something special there? is this that they're worse at getting caught than other banks? like what is going on there? >> i don't think that they're any worse or better than any other banks. jamie dimon and jpmorgan ch
, and i think if you can get the banks to lead us, that's a very good thing. >> look at jamie dimon with $13 billion worth of punitive fines, look how that stock has performed did you think that stock would be 54 bucks a share with that overhang? that's strong. >> a week ago talking about the $50 mark being kind of the line in the sand for jpmorgan. >> and it zbleld theld. >> the job is always hard. the job will continue to be hard as we look at voalues that are becoming more fully valued. the 11th hour is not february 7th. the 1th hour's going to approach deep into april, they can can use extraordinary measures been but what you have to do is look in this massive sea of liquidity that's going to continue here in the u.s. and look at other central banks and say, who needs to play a game of catch up? the export numbers today in japan, they were not as strong as the street expected. i believe that leads to another round of fiscal and monetary easing for the japanese to catch up to what is going to be a sea of liquidity here in the u.s. and that might be in the near term one of better
. in an interview outside his office today, jpmorgan chief jamie dimon said he's working to put the mortgage litigation behind him. >> when i woke up this morning, people coming in bright-eyed and bushy-tailed. >> and they're not happy to see us. >> 260 people around the world doing a great to be our clients. we're doing a great job. we're trying to get our product behind us. >> reporter: in the end even the $13 billion won't wipe jpmorgan's slate entirely clean given that criminal charges could still be forthcoming. i'm kate kelly in new york. >>> how could the jpmorgan fine impact the housing market? coming up a little later in the program, we'll examine whether the penalty along with the proposed new mortgage rules could make it more difficult for homebuyers to get a home loan. >>> meanwhile, where does jpmorgan's $13 billion settlement with the justice department rank among the biggest corporate fines ever paid? take a look here. bp was fined $4.5 billion for the 2010 oil spill in the gulf of mexico. bank of america paid $8.5 billion in 2011 for selling risky mortgages that later went ba
for jpmorgan and ceo jamie dimon and other banks. >> reporter: the landmark $13 billion settlement that jpmorgan is hammering out would resolve a good deal of the outstanding legal issues around past mortgage securities that have been weighing on the bank. among other things it would seal off probes by the justice department and new york state and perhaps create some good will with taxpayers by establishing a multibillion-dollar fund for consumer relief. it could also set an unnervingly high bar for other banks. bank of america which has already paid tens of billions of dollars to settle an array of mortgage investigations in recent years is also under a probe by the doj and has not yet settled. citigroup which recently settled with fannie mae and freddie mac over questionable mortgages albeit for lower sums, is also still under a cloud. in an interview outside his office today, jpmorgan chief jamie dimon said he's working to put the mortgage litigation behind him. >> when i woke up this morning, people coming in bright-eyed and bushy-tailed. >> and they're not
's not me. it's jamie dimon. the biggest fine paid by a company to settle the -- talking about jp morgan chase tentatively agreed to $13 billion settlement. here is how it breaks down. $9 billion in fines and penalties and $4 billion in consumer relief and include home loan modifications for people in their homes and have loans and settles civil charges and does not end the criminal investigation. jamie dimon pushed for a nonprosecution agreement but could not get it. we are told it came town to personal discussions and meetings with eric holder and jamie dimon. many of the mortgage-backed securities in question are required at the request of the government. remember in the financial crisis in 2008? jp morgan stepped in and bought baird stearnes. they are written either a lot of bad mortgages or sold them to the government and that is the problem. the government taxpayers -- you and i, taxpayers, paid a huge bailout for fannie mae and freddie mac to absorb this garbage that were written and, you know, -- crazy. any way jp morgan has paid a billion in fines. this is a very bad year for ja
jamie dimon agreed friday night on the outlines of a deal that would put an end to several civil suits regarding the bank's sell of troubled mortgage securities in the run-up to the financial crisis. the settlement which includes $9 billion in fines and $4 billion in relief for struggling homeowners eclipsed the doj's previous record. a $4.5 billion agreement with bp in the wake of the gulf oil spill. this morning, cnbc caught up with jamie dimon outside the bank's manhattan offices. >> we're trying to get it resolved. >> the "wall street journal" -- >> my real -- you've been standing here all morning as people are coming in bright eyed and bushy tailed. 260,000 people doing a great job for our clients. we're gaining market share doing great stuff. we're trying to get our -- >> not everyone shared his attitude about the settlement. "the wall street journal" editorial board called it a shakedown. asserting that the political left isn't satisfied these days with cash, though it will take what it can get, but like medieval justice, the left wants perp walks if not heads on pikes. as a ref
the grilling jpmorgan and jamie dimon are getting in the public media and, you know, a lot of people on the -- one portion of the country blaming all of these misdeeds and the mortgage bust on jamie dimon and jpmorgan. you were one of the leaders of this great country in congress. you took over for that committee, you said, in 2007. how much accountability should you have? >> very little. >> how much -- >> because -- >> so you should have no accountability for the mortgage boom and then bust? >> no. maria, maria, there's a difference between very little and none. i will quote when larry lindsey said, who was a major economic adviser to both bushs and reagan, i said, no, let's not put these people into homeownership. let's build rental housing for them. the record is very clear. the -- yes, there was a congressional failure to act. it was on the backs of the republicans. they controlled the congress from '95 to 2007. the record again is clear. when i became -- i became chairman-elect in november of 2006. hank paulson says in his book, i said to him, yes, i agree, we'll fix fannie mae
.5 trillion so how big a hit is this $13 billion really, and how much did jamie dimon expect to pay out? >> well, jake, first of all, i don't think the justice department wanted to hurt jpmorgan so badly that it would cause them any real financial concern, so i think in the context, while i think we can all agree that $13 billion is real money nowadays, for jpmorgan chase with a market cap in excess of $200 billion, with a stock price today, believe it or not, that hit i believe an all time high, you know, they have net income of probably something like $25 billion this year, so $13 billion is not insignificant, they're not going to lose a whole lot of sleep about it. they're not happy about it. according to the "new york times" the negotiations started with jamie dimon asking eric holder for $1 billion of settlement and ended up with $13 billion so negotiation didn't go well and he probably didn't have any leverage to begin with. but negotiation didn't go well and he didn't get what he wanted. but if he wants to get this situation behind him, he's going to have to pay the $13 billion.
diligence. this is absolutely absurd. it smacks of reprisal for jamie dimon not supporting dodd-frank and the president in 200012. -- 2012. will the 13 billion go to make people whole? how much will end up in the hands of non-profits to campaign for democrats in 2014. melissa: those are at love points. susan, you were at treasury. what do you think about this. >> first of all there are internal jpmorgan documents that show they knew washington mutual had some shoddy documentation practices. all of this is not a huge surprise. second of all, if you remember bear stearns very sweetheart deal jpmorgan got, they took the first dollars in losses and federal reserve took the next $29 billion in losses for jpmorgan. so, when we talk about jpmorgan, oy, they're getting screwed by the government, let's remember how good after deal they got. remember the due diligence they had done on these companies. as you said, peter, you know, everybody knows, doing deals on wall street you assume the liabilities of a company when you take it over. melissa: steve that is a tough case, you want to take
% for the year, but because it has mounting legal fees, the bank had its first quarterly loss under c.e.o. jamie dimon, for years celebrated as one of wall street's highest paid and biggest stars. he was one of a handful of c.e.o.s the president consulted with at the white house at the height of the financial crise. dimon and his company's top lawyers have been in negotiations with the justice department for some time. in late september, he was photographed going into a meeting with attorney general eric holder. >> this is something that is a priority for this justice department to hold accountable people who would manipulate companies, that would manipulate our financial markets. >> reporter: sources tell cbs news the deal was sealed in a phone call last night between holder and dimon. this is a civil agreement and it does not abvolve jpmorgan chase of future criminal charges but our sources are tell us that there aren't any pending. jim. >> axelrod: jeff pegues in our washington newsroom, thank you. with the government shutdown now behind him, president obama is trying to reset the agenda in w
was struck on friday between jamie dimon and the u.s. attorney general, eric holder. of that $13 billion, $4 billion will go to a consumer relief fund. jpmorgan tried to insulate it sieve from criminal prosecution, but the u.s. wouldn't provide those services. just half of 1%. >>> umpt s. regulators are reportedly seeking more than 6 billion from bank of merck for allegedly misleading fannie mae and freddie mac before the housing bust. the fhfa is pursuing the penalty. it's cost the bank more than $40 billion in legal expenses and other charges linked to bad subprime mortgages. >>> and deutsche bank is in discussions with 50 of its workers over the possible manipulation of the livor rate. the investigation is by ernst and young. the paper reported the staff was able to bring lawyers and witnesses to the meetings. tom hayes is expected to plead not guilty. serious fraught office has given anonymity to the former trader. he faces charges into the u.s. into alleged fixing. he's not had the opportunity to enter a plea. >>> umpt s. treasury yield, how will jobs tuesday move things along? we'll ge
and mortgage settlements prior to the financial crisis, right? jamie dimon has been out touting his company talking about how proud he is of his company. just working with the regulators. this is a huge payout. 13 billion. stuart: it sure is. charles, $13 billion. this is where it seems to be coming from to me. jpmorgan is being fined for the sins of bear stearns and washington mutual, companies they were asked to take over and now they have to pay for doing the good deed. charles: they do. they are very powerful organization have to wonder why they didn't fight this even more. they set aside $23 billion. maybe my mind they just wanted to get it over with. it will be interesting to see who pays the criminal finds the top part of the letter, but it is a gigantic amount of money, and you can believe next time there is some sort of extraordinary circumstance where wall street is asked to help out, they will say no, absolutely not. not of this is the reward we get for this. stuart: wall street is being blamed entirely, entirely after the crash. it is all their fault. we bailed them out, it is a
at the moment. okay. i see rich edson -- >> morse code, you know? jamie dimon, the ceo of jpmorgan chase came out yesterday, gave more happy talk about this, and this is a concerted effort, from what i understand, part of a cop certed effort by the white house to get the wall street guys to get out there. the more they talk about it, the more pressure they are putting on house republicans, essentially, to cave into any deal. at least that's what's happening now. tomorrow will be a key day. we'll see just how much is being spoken about by the wall street crowd. but, you know, i mean -- cheryl: what do they say to you? what do these guys tell you? >> listen, tear opinion is that -- their opinion is that the 17th which is thursday, right? is a very arbitrary date. they believe that we get through the 17th no problem even though jack lew, the treasury secretary, said that is some sort of hard and fast date where major decisions will have to be made -- jack lew has said he is not going to default on the debt. they believe a more realistic date in terms of when stuff gets tight like when you really
talked about goldman sachs. jpmorgan losing money for the first time since jamie dimon has been in charge. for the first time since 2004. you know, you look at citigroup as well. and it's, it seems like it is a very tough time for these huge conglomerates? >> it's a tough time. it is a tough time for different reasons. the most surprising one for me was goldman sachs today which had a very substantial decline in revenue. melissa: yeah. >> in the big money division, ficc, fixed income and commodities. that is the bread and butter that is the business lloyd blankfein came out of. melissa: what happened there? >> we don't know exactly what happened. they said basically that client business dried up a lot towards the end of the quarter. what the suspicion is though they got caught on the wrong end of trades. the banks hold securities and take positions just in the normal order of client business, not is what is normally considered prop trading. september was extremely volatile month because the fed pulled back from tapering much the suspicion is they got caught on the wrong end of some trades
york was worth 1.1 billion. and jamie dimon refused to do the deal until taxpayers picked up the risk of $30 billion. they got these operations at fire sale prices and they have been spectacularly successful for jpmorgan. jamie dimon is not some r, be in the pumpkin patch, he knew what he was doing. i will give you one fact. in 2007 if you take the book value, what you could get for jpmorgan chase if you just sold its assets, you take its book value and straight line it to 2012, and you compare it to what its book value is today, there is a $39 billion difference. and that means the value of jpmorgan chase is up 39 billion dollars, that's not as a going enterprise. they have made spectacular amounts of money from these two enterprises. >> ifill: what did jay me dimon, he is a unique figure in all of this. >> well, he's-- the guy without stuck his neck out to do this deal. he's been a leader in the industry. and he's the one who is taking the heat for having done this deal. i do believe that he'll continue to run the company, i know there are a lot of people that think he ought to resi
in view for the market at the moment and whether jamie dimon continues to survive as the head of this business with this going on. and what we know from the talk of the settlement so far, this will not also relieve jpmorgan of potential criminal litigation related to the story so let's move you on. you may have noticed if you're looking around you, some billboard ads for walmart hiring software engineers. this bricks and more tar retailer is now getting into the dot-com dollar game here. and they're taking it to amazon, if you like. amazon is going down the road of building warehouses and point of sale pickup depos and now looks like full scrap here for both the bricks and more tar s aes dot-com dollar. >> walmart has a long way to catch up in the shipping department. that's for sure. listen, had a new iphone a couple of weeks ago, get a new ipad this week. any details we know or what is a inside it? >> yeah, well, there are a couple of things being floated here. one is the special retina display, something we've already seen rolled out on the iphone which is apple's biggest
this as well. >> i would argue they were safe so they could get money directly >> i think jamie dimon, who i met years ago, he's a very nice fellow and a gentleman. neil: including meetings with eric holder? >> he is looking to get this institution forward and i need to think about my shareholders and i'm in this unfortunate position and i think he's just being pragmatic and will cost a lot of money and perhaps hurt some people. but you know, if i had it to do over again, when they get him a favor, he could have gotten indemnification for any of these legal liabilities. neil: so for that and get that going. >> this is like the acquisition price is what it is. >> jim tracy, thank you very much. david stone is here to follow that exactly where it's going. at least $20 billion. i know in the reported jpmorgan chase case, 4 billion of that is going to go to restitution. but how do we know for sure in words that go? >> many of this will go to address this situation where they need help. how will be done will be very interesting because will that be the investors or jpmorgan or will it really be c
to you. cheryl: thank you. >> thank you. dennis: jpmorgan chase and jamie dimon ready to pay to settle civil charges. you will not believe how much the banks and shareholders are having to spend on legal fees with all of this. we have elizabeth macdonald here now. >> they have steadily risen since the start of 2008. for the six major banks that are operating in this country, look at this number. $137. getting back to what is happening. they have sued 17 banks in 2011. those lawsuits are still out there. what we are hearing is happening at jpmorgan chase is that the bank did draft an agreement, the bank does not want to admit to any guilt. 80% of jpmorgan's losses are attributed to bear stearns. whether or not there is a criminal prosecution of anybody at the bank, that would certainly cause the legal costs to rise even further. an admission of guilt would wind the door open to the plaintiff bar. we will be tracking this story throughout the day. dennis: thank you very much. sean colmes, he will be launching a new network. that will be in my media minute. cheryl: take a look at some of
. there is usually a structural change at the bank because of this. i mean, is jamie dimon, is he going to lose his job or part of his job? there never before been a time where i see a ceo paid 13 billion or something on this magnitude and escape unscathed. >> that's true but, you got to take a look what jamie dimon's doing here. remember, he is the one who inches taughted this settlement and it is clear what his goal is. >> right. >> he wants to move past this and get the bank into the business of running the bank, and not running their litigation. so he is moving hard to get there. he is also spending 6 more billion dollars. >> i know. how does he escape, how does he escape not giving up his chairmanship on this thing? >> i think it is a very difficult question for shareholders to look what is going on here and you look at the string of settlements they have and whole series of cases. >> right. >> and not say there is something wrong with the way the culture is playing out here. i think shareholders have a tough choice. >> you think it is more than a theoretical possibility that he gives up his c
in the meltdown. jamie dimon attended. the deal does not end a criminal probe and it could set a standard on cracking down the code. he was managing director of j p jpmorgan chase. the sum 13rks billion, that's likely the biggest fine better. >> you know by multiples. this is a mind-blowing sum. it's stunning. it's huge. and, of course we want to know who ends up paying for it. i assume it's the jpmorgan shareholders along with the insurance companies but it's a mind-boggling sum of money. >> what does it mean when the attorney general says it does not rule out criminal proposition cushion. how could jpmorgan agree to that? >> jp moore began tried to wrap it up and put a nice bow on it. unfortunately they wouldn't let them defer. >> think it probably lends to the suggestion they bought their way out of the problem, right? >> i think the justice department wants to show that it can be tougher than it has been in the past. and by the way, they must believe -- i believe it's the california u.s. attorneys, they believe they have evidence or e-mails or documents that show
's biggest bank is facing a $13 billion fine for its role in the meltdown. jamie dimon attended. the deal does not end a criminal probe and it could set a standard on cracking down the code. he was managing director of j jpmorgan chase. the sum 13rks billion, that's likely the biggest fine better. >> you know, by multiples. this is a mind-blowing sum. it's stunning. it's huge. and, of course, we want to know who ends up paying for it. i assume it's the jpmorgan shareholders along with the insurance companies but it's a mind-boggling sum of money. >> what does it mean when the attorney general says it does not rule out criminal proposition cushion. how could jpmorgan agree to that? >> jp moore began tried to wrap it up and put a nice bow on it. unfortunately they wouldn't let them defer. >> think it probably lends to the suggestion they bought their way out of the problem, right? >> i think the justice department wants to show that it can be tougher than it has been in the past. and by the way, they must believe -- i believe it's the california u.s. attorneys, they believe they have eviden
's pursuit of jpmorgan, jamie dimon, mortgages underwritten by bear stearns and washington mutual. two banks dimon bought at the behest of the u.s. government. they had nothing to do with making or packaging horrendous loans. they were from the predecessor banks that the government came to jpm hat in hand in order to save the banking system from imminent collapse. let me say that no bank has clean hands from that period. jpmorgan packaged and sold a lot of loans it defaulted. jpm showed a serious lack of controls when it came to the rogue whale in london where the losses did get out of control. the firm paid for that mistake. shareholders have. i wouldn't have paid any management team member for that year as everyone should have suffered equally. but there are larger issues of fairness here and that's what warren buffet was talking about. first he said the government was pretty darn happy when dimom came to the rescue. >> they loved that when jamie took over wamu and bear stearns, the government wanted to get a deal done and needed to get a deal done promptly or other dominoes would fall. i
, and get names of stocks that they absolutely love and loathe. >>> and kate kelly catching up with jamie dimon on the street. it's his only reaction so far to morgan's tentative settlement with the u.s. government. >>> first, though, welcome back. sue at the nyse. >> thanks. it's great to be back and great to see you. a little bit of downside pressure in the stock markets. not much, though. the dow jones industrial average just moved into the green. we were down 3 1/2 points when i got down here to the nyse. s&p is just up under a point on the trading session and the nasdaq is the strongest with the nasdaq and nasdaq 100 just hitting another 13-year high. the triple q has tracked the nasdaq. etf is up a full 20% and up a third of a percent today. the russell 2000 has hit another all-time high today. it is up 35% year to date. the s&p mid-cap also hitting a new high today. it's up 30% in a year. the broader base indices are doing well. we're going to run through names throughout the hour. let's start, though, with google, which has just turned into the negative but veisa, mastercard, amer
. justice department seems to have it in for jamie dimon, regardless of -- look, i'll take the other side. hey, listen, there are a lot of bear stearns loans that he bought that were bad and he has to own up to that. >> right. >> in the week that he had to -- >> it's outrageous. he's worse than the default guys. it's outrageous he stepped up to the plate. did he not know -- caveat emptor, partner. >> i want you to know sarcasm does not always translate. i found that out yesterday in our conversation about netflix in part. >> jamie, i know that was for you. he did buy bard. remember there was really only no resort other than jamie dimon but now he has to pay, oddly, for what he did. and had he bought lehmalehman, really would be in a lot of trouble. you see, if you don't go sarcasm, it's too absurd. bails out the republic. >> laugh through the pain, is that what you're saying? >> he bailed out the public and now no good deed goes unpunished and i'm just struggling with it. i'm struggling with eric holder and why jamie did it so badly. but maybe i'm looking at it wrong. maybe jamie dimon's
you up-to-date. keep it right here. liz: jpmorgan had a great day. the ceo, jamie dimon, agreed to a $100 million settlement with the commodities futures trading commission over the wrongaway trade in the "london whale" scandal. overall jpmorgan has paid out more than one billion dollars in penalties over the whale mess. david: the stock is up 3%. investors like that move. shares of bank of america rose after reported surge in third quarter earnings but revenue was lower than wall street analysts liz: pepsico stock on the rise. they reported higher quarterly profit saying it is on track to meet its financial targets for the entire year. david: homebuilder sent fell slightly this month. national association of homebuilders gridlock in washington. that could change. they were blaming higher costs for construction companies. liz: billionaire warren buffett on acquisition trail. berkshire hathaway buying up british vending machine maker imi from over $1 billion. business is happening right now. we're here, in d.c., we're everywhere. "after the bell" starts right now. david: so let's
are just the best. god bless you. >> thank you so much. sandy weill, jamie dimon. >> tears may be flowing by the end of the show. >> this is a total surprise to me. i did not plan any of this, anybody. this is -- thank you to my colleagues. here on cnbc, some of our guests have been souning off about how washington could earn back the trust of the u.s. we talked to james gorman and asked him about the campaign contributions. >> all of the community -- because of the approval rating, all citizens have been disappointed. congress hasn't done what it's supposed to have done. we're looking forward to people getting serious and dealing with the real problem. >> we have part three of our mini ceo/congressional summit, getting reaction from wall street and washington. giving us perspective from the floor, luke messer, robert wright, cnbc contributor, former labor secretary under president clinton. also in a new film "inequality for all." and joe, ceo of new york community bancorp ball mangamelli. thank you for being here. how do you win back? how do you win back the american people? certainly it
losses were from jpmorgan. >> how do you think jamie dimon has come out of this? >> i think he's come out okay. for the reason i just said. i think they can point to a lot of companies that are not jpmorgan as where some of these problems originated. i also think they're doing everything the regulators are asking them to do. the regulators say jump, they say how high. >> and congress had a pretty bad week. obama care had a pretty bad week. but did you hear about jcpenney? if you want to talk about bad weeks, you might have missed the latest blow to them. we'll talk about whether the chain has a future, next. the amm is of a better future, a confident retirement. those dreams, there's just no way we're going to let them die. ♪ like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. that's what they can do with you. that's how ameriprise puts more within reach. ♪ that's how ameriprise puts more within reach. at a ford dealer with a little q and a for fiona. tell me fiona, who's having a big tire event? your ford dealer. who
is the fact they did not do away with the possibility of criminality. >> this is jp morgan. this is jamie dimon, the ceo, who is viewed frankly as one of the most responsible players in the whole subprime mess did not need federal bailout money, was the leader, did things the government wanted him to do in buying washington mutual and bear stearns, and yet they become a big target. >> this has been one of the repercussions of the financial crisis, and that is the pendulum swinging a little far in terms of regulation. this is the cost on business, and this is one of the reasons the business sits on cash because they worry about what's sitting around the corner. as far as jp morgan is concerned, this will be large with the potential of opening civil lawsuits. certainly the regulation bite has become a lot bigger, and that has been a regulation for business and that has been big for business in terms of more people. >> i want to come back and talk about more politics. >>> hillary clinton has come back in politics in a big way. does this mean she's laying the groundwork for 2016? we're going
to understand the nuts and bolts of this. this is a big bank. we talked for years about jamie dimon and the ceo of the bank. the sale of bad mortgages rights before the housing crash, what does it mean? >> like every other bank, jpmorgan chase gave mortgages out and bundled them up and sold it and there's an allegation they misrepresented how good or bad the mortgages were. the other bigger deal is jpmorgan took over bear stearns and wachovia, and there's a sense those banks did it, too. should jpmorgan have to pay for the misdeeds of those banks? it's a touchy situation. >> that and more at the top of the hour? >> tony. i i said what cove wra and meant washington mutual. >> right. we'll see you at the top of the hour. "real money" is the program with ali velshi. >>> the reported settlement with jpmorgan chase is a record for a bank, but how will it help homeowners? jonathan betz has more. >> reporter: it is a record $13 billion settlement for jpmorgan, and here's how it could potentially break down. $4 billion will reportedly settle claims with fannie mae and freddie mac. another $5 billion is
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